Rahul,
You cannot enroll as an advocate while you are in private service. Further it is not necessary to enroll as an advocate to work as a legal advisor of your company.
You can print your qualification on your business card.

Yes,He needs to surrender his license to practise, if stated precisely, An advocate on rolls of the state bar council is not supposed to be in private employment. So, you need to decide unflinchingly which path you want to pursue.